IPO Allotment of Himalayan Reinsurance Limited Concluded [IPO Result !!]
December 28, 2023 | Investopaper
IPO Allotment Of Himalayan Reinsurance Limited
NMB Capital Limited, the issue manager for the initial public offering (IPO) of Himalayan Reinsurance Limited, has concluded the IPO allotment process on Wednesday.
After the allotment, those applicants subscribing for 10 to 30 shares have received as per their applied quantity. Likewise, out of the applicants who applied for more than 30 shares, 29,021 applicants have received 40 shares each.
A total of 15,64,564 valid applicants had subscribed for the shares.
To view the IPO result of Himalayan Reinsurance Limited, click the link below:
IPO Result Of Himalayan Reinsurance Limited
Second Phase: IPO To General Public
After the first phase, the company had issued shares to the general public in the second phase of an initial public offering (IPO). The IPO to general public was open from Mangsir 27, 2080 BS.
The company had reserved 600,000 shares to the employees while 15,00,000 shares were allotted to the mutual fund schemes.
Hence, Himalayan Reinsurance sold the remaining 2,49,00,000 shares to the general public.
The IPO price was Rs. 206 per share (Rs. 106 premium over Rs. 100 par value).
Interested investors could apply for a minimum of 10 shares and a maximum of 300,000 shares.
Due to over-subscription of shares, the IPO was closed on Poush 2, 2080 BS. Earlier, the public offering was set to close on Poush 1, 2080 BS. However, due to under-subscription until that period, the deadline for application was extended.
First Phase: IPO To Foreign Employed Nepalis
In the first phase of the IPO, the company had sold 30 lakh shares to the foreign employed Nepalis [at Rs. 206 per share] from Mangsir 4, 2080 BS.
The IPO to foreign employed Nepalis was closed on Mangsir 18, 2080 BS.
In total (including the first and second phase), the company will issue 3 crores shares to the public. This is 30 percent of the total issued capital of the company.
For this purpose, Securities Board Of Nepal (SEBON) had given the permission to the company on Ashwin 30, 2080 BS. The company had submitted the application to the board on Bhadra 26, 2080 BS seeking permission to float the shares. Only after the approval from the regulatory body SEBON, the company can sell shares to the public.
As of Ashad’s end 2080 BS, Himalayan Re has a paid-up capital of Rs 7 Arba. With the issue of shares worth Rs 3 Arba to the general public, the capital will reach Rs 10 Arba.
The first annual general meeting held on November 12, 2021 [Karthik 26, 2078 BS] had approved the issue of shares to the general public.
The company is promoted by notable industrialists such as Shekhar Golchha, Bhavani Rana, Pashupati Murarka, Satish More of Lucky Group, Shahil Agrawal, and Sulabh Agrawal of Shankar Group, Bikas Dugad of K.L Dugad Group, Vivek Dugad of M.V. Dugad Group among others. The company started the reinsurance operation from Ashwin 31, 2078 BS.
NMB Capital Limited was the issue and sales manager for the IPO.
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